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BEVERLY HILLS, CALIF. — Meridian, in a joint venture with a larger institutional investment partner, has purchased Beverly Hills Medical Plaza, a medical office building located at 150 N. Robertson Blvd. in Beverly Hills. Beverly Hills Medical Plaza Properties sold the asset for $81.5 million in an off-market transaction.
The 67,510-square-foot property has been family owned since it was originally built in 1989 and was 88 percent leased at the time of sale. The buyer plans to invest significant capital in building improvements.
Kevin Shannon, Rob Hannan, Ken White and Steven Salas of Newmark represented the seller, while Meridian was self-represented in the transaction.